Michigan Consumer Sentiment For June 65.6 Vs 72.1 Est.; 69.1 Prior
Portfolio Pulse from Benzinga Newsdesk
The Michigan Consumer Sentiment Index for June came in at 65.6, significantly below the estimated 72.1 and the prior month's 69.1. This indicates a decline in consumer confidence.
June 14, 2024 | 2:00 pm
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NEGATIVE IMPACT
The Michigan Consumer Sentiment Index for June fell to 65.6, below expectations and the previous month's figure. This decline in consumer confidence could negatively impact the SPY ETF in the short term.
A lower-than-expected consumer sentiment index suggests reduced consumer spending and economic activity, which can negatively impact the broader market represented by SPY.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80